Housing Association Mortgage - Right To Acquire Mortgages

Housing Association Mortgage - Right To Acquire Mortgages Right to Buy Acquire for Housing Association Property - The Right to Acquire scheme allows housing association tenants to buy their homes at a discounted price, provided that they meet minimal qualification criteria.

A housing association Right to Acquire purchase is an excellent way to get on the property ladder without having the hassle to save for such a large deposit.

To qualify for the Right to Acquire you need to have been a housing association tenant for a minimum of two years.

Here at First Choice Finance we specialise in providing right to acquire mortgages for council & housing association tenants to buy their rental property. We offer expert advice, total personalised service throughout the whole buying process.

Whatever your circumstances:

Poor Credit History
CCJ`s
Self employed
Defaults

We could help you:

Complete all necessary paperwork

Allocate your own mortgage adviser throughout the Right to Acquire process

Answer any questions and explain all documents

Be on hand to give you information, advice to ensure a hassle free purchase of your home

Are you ready to buy your council home?

Dear Council or Housing Association client, If you are fed up with paying rent week after week, month after month, year after year.

Your rent payments are probably increasing every year.

Housing Associations may have already taken over the control of your property and increased your payments or are about to do so.

You want to buy your property but are put off by the complicated forms and procedures required!

If so, we can help! Call us now for a no obligation FREE consultation and quote.

As part of the right to acquire process we will search our panel of mortgage lenders on your behalf for a suitable mortgage that meets your circumstances.

Frequently Asked Questions About Buying A House From A Housing Association

The following is general advice and information on the `Right to Acquire` Scheme.

These notes are intended for general guidance only and should not be taken as a definitive statement of the law. If you have any further questions please contact us.

Q: How much discount will I be entitled to?

A: The level of discount varies from £9,000 and £16,000 depending on the housing association, if you are looking to purchase a house from the council via the right to buy scheme the discount can be as high as 50% with a maximum of £84,600

Q: How do I know if I am eligible to buy my house?

A: To become eligible for the right to buy your house, you must have been a tenant of that property (with a participating housing association) for at least 2 years.

Q: Can I include anyone else in my application?

A: Any member of your family who is a joint tenant can buy with you if at least one of you lives there most of the time.

Q: What happens if I want to sell my house later? A: You can sell your home whenever you like, but if you sell within three years, you will usually have to repay some or all of the discount.

Q: I have rent arrears. Can I still buy my house?
A: You may still apply to purchase your dwelling if your have rent arrears, but you will not be allowed to complete the sale of the property until all arrears have been cleared. The rent arrears may impact any mortgage you apply for.
b Q: Are there any properties which are excluded from the Right to Acquire Scheme?

A: Yes, however the system by which this is determined is very complex and is beyond the scope of this document for more information please contact your housing association to begin the purchase process.

Q: How long will it take to process my application?

A: The housing association will give you a decision on whether you have the right to acquire within 4 weeks of receiving your application. However, the whole process could take between 6 to 12 months depending on your housing association.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.